Brazil selects HSBC’s Andre Brandao to head its central bank

According to a source from the Brazilian government, Brasilia has selected Andre Brandao, the current head of global banking and markets for the Americas at HSBC, as the new of its central bank – Banco Brasil SA.

Brandao, an investment banker with nearly 20 years of experience at HSBC, Citi and others, will be replacing Rubem Novaes, who resigned last month and will be leaving the company this month.

According to local media reports, including from Valor Economico and O Globo, Economy Minister Paulo Guedes has approved Brandao’s nomination; an official announcement is slated to come in the next few days.

Brandao has accepted the offer, said a source on the condition of anonymity.

“He has a Roberto Campos Neto profile. He is young and is ready to streamline, modernize and digitize the bank,” said the source. “In addition, he is an experienced, competent, technical, discreet and non-political banker”.

Brazil has been looking for a suitable replacement candidate who has backgrounds in finance as well as technology; this is to handle fiercer competition among banks and fintechs.



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